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Reports that 10 foreign banks had withdrawn their applications to create businesses in Iran’s free trade zones were vehemently denied by Hossein Nasiri, the head of the country’s Free Zone Authority, reported the Hambastegi daily.

Last week, a spokesman for the Kish island free trade zone said last week that 10 banks had withdrawn their applications to start up business there. Reportedly, only two applications were left on the books.

Nasiri said that while foreign banks had expressed an interest in the free trade zones, none had finalized their application requests. In the end, the number of applicants might be very few, he noted.

Last August, the Iranian Majlis passed a preliminary bill to encourage foreign investment and protect them against seizure. Laws were also passed to protect investments in the free trade zones, but investors still appear put off by the still-substantial bureaucratic red-tape. – (Albawaba-MEBG)